IRELAND: Central Bank announces new faster authorisation process for Investment Firms

Wednesday January 8 2014

Following a review of its authorisation process for the authorisation of Investment Firms under the Markets in Financial Instruments Directive (MiFID), the Irish Central Bank has issued details of a more transparent efficient process which will go live on 8 January 2014. This followed an industry consultations process during October and November 2013 which included workshops and presentations involving legal firms and industry representative bodies.

Depending on the Central Bank`s determination of the complexity of their business models, applicant investment firms will be streamed along two tracks with the aim that simpler applications will be processed within three months and more complex applications will be processed within six months. Within both streams, there are various checkpoints and timing deadlines for the exchange of correspondence.

The Central Bank has tailored the Application Form to match the risk of an applicant’s business model or business strategy and has improved the quality of the Guidance Note for applicants available.

The Central Bank intends to carry out a review of this new process before the end of 2014.

Click on the above link for more details.